Best Site To Buy Bitcoins

One can buy crypto currencies on many different exchanges but what is the best site to buy bitcoins?

In this article, I attempt to answer that question as good as I can.

There are many ways how one can buy bitcoins.

You can either buy them on an exchange or from a private person.

Unless you know the person you are buying bitcoins from, I recommend to buy your first bitcoins from an exchange.

Almost all exchanges have bitcoin listed so the question is which exchange do you choose.

To narrow down the list, I recommend the following selection criteria:

How To Find The Best Site To Buy Bitcoins

Firstly, the bitcoin exchange needs to be open to customers who live in your country. In other words, can you actually register on the exchange?

Second, I recommend you start by only considering an exchange that allows you to directly deposit fiat currency such as USD or Euro into your account.

Otherwise, it will be more complicated to actually be able to buy bitcoins.

Next, you should consider the fees charged by the exchanges.

Here, it might pay to do your research thoroughly as fees can vary widely between exchanges.

Most exchanges charge fees for depositing fiat currency, for withdrawing fiat currency and crypto currency, for buying crypto currencies and for selling crypto currencies.

However, fees should probably not be your only selection criteria when searching for the best site to buy bitcoins.

The safety of your funds should also be taken into consideration.

Since bitcoin exchanges are located all over the world, they are also governed and regulated by different laws and jurisdictions.

Furthermore, different exchanges might take different precautions to protect your funds and your crypto currencies from being hacked and stolen.

The most effective protection is the cold storage of customers crypto funds. Cold storage means that the exchange stores most of the customers’ crypto currencies on wallets that are not connected to the internet and thereby unreachable for hackers.

Not all exchanges require personal information and identification documents in order to trade on the exchange. You might want to consider those exchanges that have more stringent registration procedures and requirements.

It is also important that the individual customer accounts are properly protected from being hacked. This includes things such as 2-factor authentication for account access and PGP encryption for any email communications.

Last but not least – when trying to find the best site to buy bitcoins – is the usability of the exchange.

This is, of course, in large parts a very subjective matter. However, I think you will find out very quickly which user interface you find the easiest to use.

Some exchanges also offer additional functionality such as margin trading. If you are interested in different trading instruments, then that is of course an important selection criteria for you.

Finally, I want to point out that 2 more aspects that might be important for your exchange selection.

Bitcoin is essentially an attempt to build a decentralised electronic payment system. While initially all exchanges were centralised institutions nowadays a few decentralised exchanges are available.

In the event of a bitcoin fork you might want to investigate if the exchange you are considering would participate in that fork.

Based on the above listed criteria you should be able to find the best site to buy bitcoins.